Sygnus financing Bahamas road project
Sygnus Credit Investments Limited is helping to fund a 45-mile highway road improvement project slated for Exuma in The Bahamas, under a private-public partnership with Caribbean Pavement Solutions, a member of the Bahamas Striping Group of Companies.
Sygnus is providing up to US$25 million in financing for the project.
“We’re very active in the Caribbean space, and Bahamas represents a key market for us. Other service providers approached us, based on our track record, and we decided to go with the Striping Group, based on an association elsewhere in the past,” said Sygnus’ lead dealmaker Gregory Samuels.
Earlier this year, Sygnus also acted as lead arranger for US$9 million of financing to rebuild the Eight Mile Rock West End government complex for another public-private arrangement between the Bahamian government and PPP Investment and Construction Company Limited.
The 45-mile-long dual carriageway for Exuma represents a big infrastructural improvement project for the tourism-focused island.
“We have a long-term relationship with the Striping Group, and our relationship with The Bahamas government is such that we have a lot of confidence in their public private partnership programme. They have successfully executed many projects over the years and Sygnus has partnered with them in recent times,” said Samuels.
Work has already started on the Exuma project, which will also include upgrades to the seawall and the installation of new drainage wells to reduce flooding and water settling on the roadway. Its completion is set for 2024.